30 Year Term Life Insurance

Eric Van Haaften Feb 1, 2025 Term Life Insurance

If you’re looking for long-term protection and peace of mind, a 30-year term life insurance policy might be the right option for you.

It provides affordable coverage that lasts three decades and can also help ensure financial security during your most financially productive years.

We’ll explore the benefits of having a 30-year life insurance policy so that you know exactly how it can help protect your family in case anything happens to you.

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How does a 30-year life insurance policy work?
Is buying a 30-year term life insurance a good idea?
How do I purchase affordable coverage?
What does a thirty-year term life policy cost?
Which companies offer the best 30-year term plans?
How do you compare term life insurance durations?
FAQ: 30-Year Life Insurance

What is 30-Year Term Life Insurance?

According to Investopedia, term life insurance provides a guaranteed death benefit and level premiums for between 10 and 40 years.

What is 30-year term life insurance? A key attribute of 30-year term life coverage is its stable payments, making it a predictable and affordable expense when it comes to budgeting.

It offers peace of mind, knowing that in the event of your death, there is an extended safety net in place for your family.

convertible thirty-year term insurance

What happens after the 30-year term life insurance ends? When your term life policy expires, you can choose to renew it, convert it to permanent coverage, or let it expire and go without coverage.

If you outlive your original term insurance policy and choose to renew it, the premiums will increase yearly on the policy anniversary.

However, there is a silver lining because many insurers allow you to convert term into permanent coverage. This option will be more costly than your initial term but is typically less expensive than the renewal premium.

For instance, we recently guided a client through the conversion process. He had purchased his 30-year term policy at age 35, and as he approached 65, he wanted to leave a legacy for his grandchildren.

We helped him convert a portion of his term policy to permanent coverage, ensuring his family would receive a guaranteed benefit while keeping his premiums manageable.

Is a 30-Year Term Right for You?

Our experience with families shows that a thirty-year policy often suits long-term needs like income replacement, mortgage protection, and children’s education expenses.

Bogleheads encourages growing families to consider a 30-year term for coverage, especially when facing unpredictable expenses like college tuition.

Such a policy can also protect your earnings throughout your career. We recommend life insurance coverage worth 7-10 times your annual income.

We recently assisted a young couple, who are new homeowners, in securing a 30-year term life insurance policy for $500,000 at a monthly cost of just $78.

This family now has peace of mind knowing that their mortgage and long-term income replacement needs are protected, all without the high premiums associated with permanent coverage.

So, term life insurance plans are best for those who want to conserve money, be financially protected now, and weigh their choices down the line.

Reasons for thirty-year term insurance

Children: If you have small children, this coverage protects them through college and beyond.
Mortgage Protection: A longer-duration term life plan can be a perfect policy for those with a thirty-year mortgage loan.
Income Protection: A term life insurance policy is ideal for couples to protect their income from surviving family members.
Business Life Insurance: A 30-year policy can cover business loans, protect your partners, and ensure your enterprise continues even if you’re not there.

Buying 30-Year Term Life Insurance

Life insurance protects your family’s future, but finding the sweet spot between price and protection takes some work.

A 30-year term life policy can give your loved ones the security they need, and getting it sorted now saves headaches later.

Your age, coverage amount and health shape your eventual premium payment. The simple math is that younger people pay less because they’ll likely outlive the policy.

The numbers tell the story: a 30-year-old might pay $58 monthly for a $1,000,000 policy, while a 50-year-old could shell out $252.

If you need more coverage, expect to pay more – that’s just how it works. And yes, health issues can bump up your rates, but most minor conditions won’t break the bank or stop you from getting covered.

Here’s the smart move: lock in your rate while you’re healthy. Once you’re approved, your premium stays the same, even if your health changes.

We work with insurers who cover all kinds of health histories, and our comparison tool makes it easy to find your perfect policy match in minutes.

What Does 30-Year Term Insurance Cost?

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30-Year Term Life Insurance Quotes

At Affordable Life USA, we often see young families trying to figure out the puzzle of life insurance. We get it—you want the best protection at the best price.

Here’s what we’ve learned from helping thousands of clients: 30-year term life insurance is often your smartest bet when you’re young.

According to Investopedia, the math is simple—lock in low rates now and protect your family for three decades at a lower cost than permanent coverage.

Here’s a practical example: A recent client sought our advice on the suitability of permanent life insurance. After reviewing her options, we found that she could secure a $500,000, 30-year term policy for only $31 per month.

With the money she saved compared to buying permanent coverage, she established a robust investment strategy that was already yielding promising returns.

We’ve compiled comprehensive pricing data for 30-year terms, with coverage ranging from $250,000 to $1 million.

And yes, if you’re wondering – women tend to get better rates than men (chalk it up to longer life expectancy).

30-Year Term Insurance Rates for Males

	$250k	$500k	$750k	$1mm
Age 20	$19	$31	$44	$53
Age 30	$20	$32	$47	$58
Age 40	$30	$53	$76	$99
Age 50	$66	$125	$185	$252

30-Year Term Insurance Rates for Females

	$250k	$500k	$750k	$1mm
Age 20	$15	$23	$31	$37
Age 30	$17	$25	$35	$40
Age 40	$24	$40	$55	$72
Age 50	$52	$94	$138	$179

Insurers Offering 30-Year Life Insurance

Over the years, many insurers have shied away from offering 30-year term coverage because of the significant cash reserves required.

However, Affordable Life USA has partnered with the industry’s most trusted insurers to offer you competitive rates.

Each insurer provides unique benefits that our agents can customize to suit your needs and budget.

Our commitment to quality is reflected in our selection, as we only collaborate with insurers recognized for their financial stability and reliability.

According to prestigious rating agencies such as A.M. Best, S&P, Fitch, and Moody’s, these insurers have consistently demonstrated strong financial performance.

Banner Life

Banner Life, boasting an A+ rating from AM Best, consistently offers among the lowest rates for 30-year term life insurance in the industry.

Their OPTerm policy provides individuals aged 20 to 50 with $100,000 to $500,000 coverage without a medical exam.

While Banner permits policy term conversions to its universal life plans, these tend to be expensive.

Corebridge Financial

Corebridge Financial, previously known as AIG, is a key player in the term life insurance industry and maintains an A rating from AM Best.

Its Select-a-Term series, offered through American General, provides 18 different term lengths, distinguishing itself from competitors’ standard offerings.

Existing policyholders can convert their term policy into competitively priced permanent coverage until they are 70.

Lincoln Financial

With an A+ rating from AM Best, Lincoln Financial is a solid choice for term life insurance with level plan options ranging from 10 to 30 years.

The Term Accel plan suits those aged 18-60 seeking coverage of $100,000 to $1 million with just a quick phone interview.

For higher needs, Life Elements provides $250,000 to $5 million in coverage for individuals 18-80 years old but does necessitate a medical exam.

Pacific Life

Pacific Life’s PL Promise Term stands out for its flexible underwriting and competitive pricing on term insurance policies ranging from 10 to 30 years.

Pacific Life does not require medical exams until age 70, provided you have had a doctor’s visit and blood work within the last 18 months.

You can also upgrade your term policy to an affordable universal life insurance plan by age 70.

Protective Life

Protective Life has two competitively priced term insurance products, ranging from 10 to 40 years.

Classic Choice delivers a traditional term experience with premium increasing after your initial coverage duration.

Custom Choice is perfect for lifetime coverage. The death benefit adjusts after 30 years, but your premiums stay level forever.

Plus, both term plans offer conversion options that are some of the most flexible in the business.

Prudential

Prudential is a highly rated insurance provider, offering a range of affordable term life insurance options.

Their Term Essential plan requires a health exam but offers coverage up to $10 million and the flexibility to transition to permanent insurance later.

Conversely, their SimplyTerm policy caters to individuals aged 18-75 without requiring a medical exam and provides coverage up to $1 million.

Prudential is favorable for seniors facing health challenges and presents competitive rates for smokers seeking term life insurance solutions.

Transamerica

Transamerica is highly rated and sells two-term insurance products, Trendsetter Super and Trendsetter LB.

The Trendsetter Super offers death benefits up to $10,000,000, while the LB only provides up to $2,000,000.

However, the Trendsetter LB can give you early access to the policy’s death benefit should you experience a chronic, critical, or terminal illness.

It’s good to know that both products offer 30-year durations until age 58 and allow you to purchase coverage up to $2,000,000 without taking an exam.

Compare Term Life Insurance Plans

As life insurance agents, we often help clients choose between a 30-year term and a shorter duration.

After evaluating your coverage requirements, you may only need coverage for a limited time based on your future financial commitments.

We recently worked with a real estate investor who only needed $500,000 coverage for ten years while paying off a business loan.

A 10-year policy perfectly matched his timeline and budget. There’s no need to pay for extra years of coverage you won’t need.

For many of our clients, the 20-year term balances coverage duration and cost.

On the other hand, a 30-year term provides a prolonged safety net that is beneficial for those with long-term responsibilities. However, many insurers limit this option to those under 55.

One strategy we love is staggering the lengths of two different term policies to match your changing financial responsibilities.

Life insurance laddering can help reduce costs, as clients can cancel one of their policies when no longer needed.

For instance, we recently helped working mother layer a 30-year $500,000 policy with a 20-year $250,000 policy to provide extra coverage during their children’s dependent years while keeping premiums manageable.

FAQ: 30-Year Life Insurance

Should I buy a 30-year or 40-year life insurance policy? When deciding between term life insurance plans, choose a term length that aligns with your financial goals and provides adequate coverage for your family now and in the future. Both options typically allow you to convert term into permanent coverage.

What is the longest-term life insurance policy you can get? The length of term life insurance policies can differ by provider, with most capping at 30 to 35 years. However, certain insurers like Banner and Protective Life extend options up to a 40-year policy term.

Do you get money back if you outlive term life insurance? If you live beyond the duration of your term life insurance policy, you won’t receive any cashback unless you opt for a return of premium rider. This additional feature ensures that if you outlive the policy, you will be eligible for a tax-free refund of all the premiums paid during the term.

How much is term life insurance for a 30-year-old? The price of term life insurance can differ based on factors such as age, health, and desired coverage amount. For a 30-year-old, the cost of a term life insurance policy can range from $26 to $33 per month for a policy with a death benefit of $500,000.

What happens at the end of a 30-year life insurance policy? After the coverage period ends, certain insurers may terminate the policyholder’s coverage. Alternatively, some companies offer an option to extend it yearly, albeit at a steep price. Another possibility is converting it into permanent life insurance.

Can you cash out a 30-year term life insurance policy? No, it is not possible. Unlike other policies, term life insurance has no cash value component. It only provides a death benefit if you pass away during the policy’s term.